About Legal Funding
More: about legal funding.
What is Legal Funding?
Why Legal Funding Is Needed
Many people who seek funding because they were involved in an accident, injured, out of work, or because they need money to continue their case. This type of funding can be life saving, especially for someone who is out of work, needs to pay their bills, and feed their family until their case is settled.
What Kinds of Cases Are Eligible For Funding?
Many types of cases are eligible for funding, anything regarding personal injury, medical malpractice, legal malpractice, negligence, and even civil rights, and some divorce cases.
How Long Does it Take, and What is the Legal Funding Process?
Any company that provides legal advance funding is going to want to do their research on the case, and require court documents, police reports, or any type of documents that will help them define the case. This information will help the company decide how much is necessary to fund, based on what the potential outcome will be, and the probability of successfully winning the case.
The steps to approval usually are:
- Underwriter from funding company requests supporting documents
- Based on review of the case, underwriters either Accept or Deny the case
- The funding company offers the individual terms, for amount, and interest rate
- Once the individual accepts the terms, the clients receives the funds usually by direct deposit within 24-48 hours
Basically, it is a pretty straight forward process. Depending on the amount required for funding, and the complexity of the case, cases can receive funding in as little as 48 hours. Although, in some cases funding can take up to a couple weeks, in the event of the case having many moving parts. In all, cases are based on the strength, and the potential amount of the settlement in the case.